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Sign in Sign up for a FREE subscriptionMack-Cali rejects $2.4b offer, faces board takeover
Mack-Cali Realty Corp. has turned down an offer of more than $2.4 billion for its top waterfront and suburban office buildings, citing a “grossly inadequate” valuation.
The would-be buyers were Bow Street Special Opportunities Fund XV (DWREI) and David Werner Real Estate Investments. However, the firms have plans to gain a majority position on Mack-Cali Realty Corp.’s board, which proposed its intent to nominate a majority slate of six candidates to stand for election to the board of directors of Mack-Cali Realty Corp. at the company’s 2019 Annual Meeting of Stockholders, following the unanimous rejection of the acquisition.
"The Mack-Cali Board is committed to continued stockholder value creation,” said William Mack, chairman of the board of directors of Mack-Cali. “Our board considers all credible alternatives for maximizing value for our stockholders, including potential strategic transactions. However, the Bow Street/DWREI unsolicited proposal is whol